{
  "id": 12198949,
  "title": "Will gas prices drop ahead of the Thanksgiving long weekend?",
  "url": "https://urgent.news/2026/10/05/will-gas-prices-drop-ahead-of-the-thanksgiving-long-weekend",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T17:30:28.000Z",
  "source": {
    "name": "Global News",
    "slug": "global-news-globalnews",
    "url": "https://globalnews.ca/news/12087820/gas-diesel-prices-long-weekend/"
  },
  "original_language": "en",
  "account": "As the Thanksgiving long weekend approaches, gas price experts are struggling to predict whether prices will drop ahead of the holiday. Although more oil being brought to markets would typically lower gas prices, rising geopolitical uncertainty and volatility make it difficult to make accurate predictions. Petroleum analyst Patrick De Haan from GasBuddy explains that while he hopes prices may dip slightly, the situation is highly uncertain.\n\nThe war in Iran and Russia's conflict with Ukraine have significantly impacted the global supply of crude oil and diesel. Iran's threats of strikes in the Strait of Hormuz shipping channel have affected about 20% of the world's crude oil supply, while the Russia-Ukraine war has disrupted diesel exports. Russia, one of the world's largest diesel producers, has seen much of its diesel exports affected by strikes to facilities.\n\nOil prices are set globally based on demand and supply expectations, while local gas prices also consider costs, fees, and taxes. As of publication, the U.S. crude oil price (West Texas Intermediate) was about US$90 per barrel, up from $88.50 on Friday morning and down from a peak of nearly $106 on Sept. 15. The Canadian national average for regular gasoline was $1.78 per litre on Monday, up from $1.74 last month and $1.33 a year ago.\n\nThe Group of Seven industrial nations (G7) announced on Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with diesel. However, it remains unclear whether these additional barrels will bring down prices over the long term. De Haan notes that if these reserves do not meaningfully increase supply, the impact on prices may be minimal.\n\nDiesel prices in Canada have risen nearly double the rate of regular gas, with the national average hovering around $2.55 per litre. De Haan is skeptical that using more strategic oil reserves will lead to sustained diesel price relief for consumers and businesses. \"Diesel prices have gone down because of the idea of using strategic reserves, but whether or not reality matches the intentions, that's what's hard to know,\" he says. Diesel prices could potentially reach $3 per litre, making winter heating costly for Canadians.",
  "summary": "Gas price experts say it's becoming harder to predict where prices are heading, even after some European countries released strategic oil reserves.",
  "key_points": [
    "Gas prices uncertain ahead of Thanksgiving weekend",
    "Iran and Russia conflicts impact global oil supply",
    "G7 plans to release 100 million barrels of oil"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Global News",
        "title": "Will gas prices drop ahead of the Thanksgiving long weekend?",
        "url": "https://urgent.news/2026/10/05/will-gas-prices-drop-ahead-of-the-thanksgiving-long-weekend-12203886",
        "published": "2026-10-05T17:30:28.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}